Mortgage Rates Edge Up

12/1/2005

Traders opted not to take chances, and Treasury prices plunged. This drove yields, which move in the opposite direction of prices, back up to levels reached in mid-November and allowed mortgage lenders who base their rates on yields to edge them up on some products.

At 4 p.m. EST on Thursday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 6.031 percent from 6.014 percent on Wednesday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.598 percent versus 5.586 percent on Wednesday.

Mortgage lenders might find room to firm rates on key products a bit more after Thursday's nudge higher in Treasury yields although they are unlikely to push rates sharply in either direction heading into Friday's jobs data.

Mortgage Rate Future

11/30/2005

The increase in today's Treasury yields paired with those of Tuesday has forced mortgage lenders to begin raising rates on some mortgage products.

At 4 p.m. EST on Wednesday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 6.014 percent versus 5.993 percent on Tuesday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.586 percent from 5.561 on Tuesday.

Given the scant change in Treasury yields on Wednesday following an upward tilt in mortgage rates overnight, lenders might keep rates on many key home loan products little-changed into Thursday.

Mortgage Rates Hold

11/29/2005

Strong selling across the board saw Treasuries give up Monday's gains and then some, with yields, which move in the opposite direction of prices, hitting their highest levels in several days. The yields, which are used as a guide to set mortgage rates, had little influence today, however, as rates had not yet responded to Monday's decline.

At 4 p.m. EST on Monday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 5.993 percent from 5.979 percent on Monday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.561 compared to 5.564 on Monday.

After Tuesday's rise in Treasury yields, mortgage lenders might see room to nudge rates upward on some key mortgage products heading into Wednesday's economic data.

Freddie Mac Sets Single-Family Loan Limit

11/29/2005

Freddie Mac on Tuesday said it will raise its single-family mortgage loan limit to $417,000 from $359,650, effective Jan. 1, 2006. Effective for deliveries after Jan. 1, 2006, the new loan limits for mortgages on one-to-four family properties will be:
$417,000 for mortgages on one-family properties (up from $359,650); $533,850 for mortgages on two-family properties (up from $460,400); $645,300 for mortgages on three-family properties (up from $556,500), and $801,950 for mortgages on four-family properties (up from $691,600).

Mortgage Rates Hold at Current Levels

11/28/2005

The yield on the benchmark 10-year note closed at its lowest level since Oct. 11. The decline in yields, however, did not affect mortgage rates, which held near previous levels.

At 4 p.m. EST on Monday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 5.979 percent versus 6.022 percent on Friday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.564 percent compared with 5.595 percent on Friday.

If reports on durables and confidence are strong, this could hurt Treasuries and send yields back up. If, however, the indicators come in on target, Treasury yields and mortgage rates should stay close to present levels.

Mortgage Rates Holding

11/23/2005

Mortgage rates edged down on many products overnight and into Wednesday morning, but it is unlikely that they will hold at lower levels.

At 2 p.m. EST on Monday, AVERAGE mortgage rates (zero discount points) based on rates collected nationwide were:

The 30-year Conventional Fixed-Rate Mortgage was at 5.969 percent versus 6.031 percent on Tuesday.

The 15-year Conventional Fixed-Rate Mortgage was at 5.572 percent compared with 5.599 percent on Tuesday.

Friday the financial markets will have abbreviated sessions and there will be no economic news released. Trading is also expected to be light due to Thanksgiving weekend vacationers. Due to the increase in yields on Wednesday, however, it is possible that mortgage rates could edge back up near previous levels over the next couple of days.